One of those headwinds, according to Rotman, is the potential taper of the Federal Reserve Bank's $85 billion monthly bond-buying stimulus program known as "quantitative easing" ("QE"). Besides adding dollars into the financial system, it has also been a major factor in keeping interest rates low as higher bond prices result in lower bond yields.

"Any time you talk about gold, you have to talk about interest rates [and] you have to talk about the Fed's policies," says Rotman. "Gold is trying to price in the future of rising rates."

Rotman doesn't see a rally in either gold or Newmont due to the current interest rate environment.

(Read: US bond prices slide on upbeat private-sector jobs data)

CNBC contributor Andrew Busch, editor and publisher of The Busch Update, is also negative on Newmont.

"This is a stock that's been truly a dog this year," says Busch. "As the rest of the stock market's gone up, this one's gone down."

Using two different charts for Newmont – a long-term and a short-term – Busch makes his case for why he sees further downside for the stock.

To see Busch's charts and for Rotman's fundamental take on Newmont, watch the video above.